Penalties - Criminal Charges

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fire580
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Joined: Wed May 09, 2012 4:51 pm

Penalties - Criminal Charges

Post by fire580 »

Hello,

Can someone tell me if there are any legal implications regarding a U.S. citizen trading with Fin FX like penalties, fines, criminal charges?
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SteveHopwood
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Re: Penalties - Criminal Charges

Post by SteveHopwood »

Sounds a tad serious guys. Can anyone offer any advice?

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Read the effing manual, ok?

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Dozer
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Re: Penalties - Criminal Charges

Post by Dozer »

There are no laws or regulations that prevent you from having an account with FinFX or with any non-U.S.A. forex broker for that matter. The CFTC's regulations prevent (or try to prevent) non-U.S.A. brokers from accepting or working with U.S.A. clients, but don't specify any restrictions or penalties for the clients who wish to do business with non U.S.A. brokers. In other words, they try to go after the foreign brokers to not accept U.S.A. clients, but can't do anything to the clients.

FinFX remains one of the last remaining upstanding non-U.S.A. brokers still available to U.S.A. clients. FinFX does still accept U.S.A. clients. I am in the U.S.A. and run a professionally managed Forex fund and I also have all of my personal forex accounts with FinFX. I've been with FinFX for about two years now and have had exceptional service from them and highly recommend them.

Just make sure you fully comply with IRS requirements about disclosure of all foreign broker accounts and accurately report all income generated via those accounts.

:D
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fire580
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Joined: Wed May 09, 2012 4:51 pm

Re: Penalties - Criminal Charges

Post by fire580 »

Thank you Dozer I appreciate you taking the time to answer my question.
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fire580
Trader
Posts: 314
Joined: Wed May 09, 2012 4:51 pm

Re: Penalties - Criminal Charges

Post by fire580 »

What would be the correct way to disclose a foreign broker account with the IRS?

Thanks,
fire580
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Dozer
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Joined: Wed Nov 16, 2011 4:32 pm

Re: Penalties - Criminal Charges

Post by Dozer »

fire580 wrote:What would be the correct way to disclose a foreign broker account with the IRS?
This is NOT specific tax advice, but *generally* for U.S.A. tax reporting, you disclose all foreign assets/accounts on form 8938: http://www.irs.gov/uac/Form-8938,-State ... ial-Assets and all income from Forex trading is reported just like any other income.

My best advice though is to hire a qualified accountant who is familiar with Forex trading.

Best of luck in your trading :D

Dozer
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fire580
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Posts: 314
Joined: Wed May 09, 2012 4:51 pm

Re: Penalties - Criminal Charges

Post by fire580 »

Yes indeed, thank you again for taking the time to be so helpful :)
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